The Comparative Study On The GEM Market Delisting System

China's enterprise market growth has been smoothly functioning since 2009 and already visualizing the motivation towards economics. Gradually, consummation of the GEM system becomes the focus of the concern throughout all circles.Influenced by the traditional idea of "Think highly of listing, but make light of delisting" in Chinese stock market, the development of system construction appears unbalanced, as what is revealed in construction of motherboard market. The inequality, parallel in GEM market, will also lead the stock market vitality to decline, enterprise to slack off. Further, it will lead to unhealthy development as an obvious result. Back grounded in such a period of perfecting the GEM system, the subject of delisting system is chosen. The author attempts to discover a method for Chinese GEM via elaborate introduce and comparative study of delisting system throughout GEM overseas. It is explicating in following sections:Section 1 is the overview of the GEM delisting system, mainly including GEM and delisting system. On the basis of the fundamental concepts, significances and delisting system content framework, this section mainly focuses on the relation of delisting system between the mainboard and GEM which proves the respective study value of GEM.Section 2 is comparative study of the active delisting system in oversea growth enterprise market. Based on the outline, the author will mainly introduce the contents of active delisting system in NASDAQ and German new market and meanwhile comprehensively analyze the features, the factors of failure and success which founds the foundation of subsequent study in active delisting system consummation of Chinese GEM.Section 3 is the essence of this article which comparing passive delisting system of overseas growth enterprise market. In this part, the author emphasizes on mandatory delisting rules, procedure and the system characteristics of NASDAQ. Also, the author analyzes mandatory delisting rules, procedure and the reason of the failure in Hong Kong GEM market, contrasting to Britain (/UK)'s AIM mandatory delisting basic situation and the factors of its success, etc. Through the transverse comparison on the contents of mandatory delisting systems of GEM in foreign countries and the analysis of the common points among them, there can be inspirations for system consummation of the compulsory delisting in Chinese GEM. Section 4 dedicates in perfecting the delisting system in China. Firstly, institutional defects of mandatory delisting system is summarized based on analysis of the current situation of Chinese GEM; secondly, taking previous comparison results of overseas as references, the author proposes methods both in macro and micro aspects to improve the delisting system of Chinese GEM.